Chinese Huge Demand for Overseas Luxury Goods
|Release time:2013-02-28 Source:admin Reads:|
As price of luxury items, ranging from bags, perfume（CK、Marc Jacobs, Burberry）, jewelry (LEO Diamond) adorned with marvelous jewelry cards, watches (Cartier), etc, remains prohibitive in China, affluent consumers rack up sprees abroad. At some renowned luxury stores, bystanders looked on seemingly in shock at the number of Chinese tourists running from one luxury store to the next. They cannot figure out why Chinese are so crazy to purchase luxury goods.
This is quickly becoming a common occurrence for wealthy Chinese shoppers, especially during Chinese New Year early in the year or National Day in October. Both holidays last for at least a week in China, which turns shopping sprees into multi-day affairs. The most desirable products that Chinese would like to buy at abroad are bags (especially Louis Vuitton, Gucci, Prada), jewelry and watches (such as Cartier). In general, jewelry is considered as an essential accessory for upper-class women when attending formal occasions. Thus, any mounted with elegant and unique designedjewelry cards are the targets.
A recent Bain report says a weaker euro coupled with an increasing number of Chinese tourists traveling abroad have pushed Chinese shoppers to make 60 percent of their total luxury purchases outside the Chinese mainland. One of the main reasons is the high price of luxury goods in Chinese mainland. Many retail at prices 30 percent higher in Chinese mainland than in Europe because of high tariffs on imported luxury goods. For example, a Hermes Birkin bag can be purchased at a 25-percent discount if it's purchased overseas. Jewelry like LEO Diamond with attached sophisticated designed jewelry cards is hard for Chinese to find in the mainland.
All in all, the discount in price and limited edition spur Chinese to purchase luxury items overseas. Nowadays Chinese consumers have become one of the leading consumers in the world that contribute a lot to the increase in demand for luxury goods.